BREAKING: CBN Issues Directives To Banks Over Cash Scarcity

The Central Bank of Nigeria (CBN) has directed commercial banks to prioritize cash disbursements through automated teller machines (ATMs), warning that failure to comply will attract strict penalties.

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EKO HOT BLOG reports that in a statement released on Friday, Solaja Olayemi, Acting Director of the Currency Operations Department at the CBN, stressed the need to ease access to cash for Nigerians amid persistent complaints of scarcity.

The CBN also warned banks against supplying naira notes to individuals or groups engaged in the illegal hawking of currency. The apex bank reiterated its commitment to combating such practices, which undermine the integrity of the financial system.

CBN Banks Cash Scarcity

This directive comes as citizens continue to grapple with cash shortages, disrupting transactions and intensifying economic uncertainty across the country. Many Nigerians have expressed frustration over the situation, urging authorities to address the issue promptly.

The CBN’s intervention seeks to alleviate the cash crunch and restore confidence in the banking sector’s ability to meet the financial needs of the public.

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